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Toyota reports huge quarterly profit increase, raises forecast for the year

Toyota isn't just the world's largest automaker - so far its the biggest winner for quarterly profits. With an enormous $5.5 billion take during Q2, Toyota took advantage of the weak Japanese yen and strong US demand to record a 94-percent improvement in profit over the same period from last year. So far, Toyota brought in larger profits than Ford and General Motors combined.
Toyota is showing no signs of slowing down either, as it has bumped up its forecast for full-year global production, going from 9.94 million to 10.12 million vehicles, on the back of a 13-percent drop in the buying power of the Japanese yen versus the US dollar. That strong exchange rate is largely responsible for Toyota's big jump in profits, although it also managed to shift 1.3 million vehicles in the US market this year. Strong Camry sales have also helped. But while Toyota is raking in the cash, it actually saw a small drop in market share, down 0.1 percent to 14.3 percent of the US market.
As is the case with most automakers, Toyota seems flummoxed by Europe, where it recorded less than one percent of its revenue. Still, as Automotive News points out, Toyota only maintains a 4.5-percent market share in Europe and is far less dependent on the continent than other manufacturers. Toyota also struggled at home, much like Honda. With 525,777 units sold, JDM sales were down almost 51,000 units, although Toyota still saw its operating profit jump from $3.5 billion to $4.6 billion.

Vote to unionize Toyota Canada plant faces delay

Volkswagen isn't the only automaker with high-profile unionization efforts afoot at one of its North American factories. Unifor, Canada's largest private-sector union, is attempting to organize Toyota's factories in Ontario, reports Reuters. A vote was originally set for next week, but Unifor has apparently found more workers eligible to vote, delaying the proceedings. It hasn't rescheduled the ballot yet, but claims there are 7,500 employees with the right to vote, with over 3,000 having already signed union cards.
Toyota is pushing against organizing, saying that workers already have a payment and benefits near the top of the industry, and noting that it has never laid off a permanent employee in Canada. Unifor has reportedly countered by saying that about a quarter of the workforce is operating under a temporary contract, which receives lower benefits.
The automaker has three factories in Ontario - two in Cambridge and one in Woodstock. To form a union, a majority of eligible employees must vote to join Unifor. If successful, they would be the first wholly owned Toyota plants in North America to be organized. Previous attempts to unionize the Japanese automaker's Canadian factories in 2001 and 2008 failed due to lack of support.

Toyota reveals new TS040 Hybrid LMP1 [w/videos, poll]

There's a new season of motor racing upon us, and while that doesn't always mean a new crop of cars in every series, in the case of the 2014 FIA World Endurance Championship, that's exactly what it means. Porsche recently revealed its new 919 Hybrid and Audi its revised R18 E-Tron Quattro. Now it's Toyota's turn.
Revealed today at the Paul Ricard test track in the South of France, the new TS040 Hybrid is based on the TS030 Hybrid it replaces, redesigned to meet the latest regulations established by the FIA and ACO for the World Endurance Championship and its flagship race, the 24 Hours of Le Mans. In accordance with said regulations, the TS040 is two inches narrower than the TS030 and also incorporates a new hybrid powertrain.
The previous 3.4-liter V8 has been replaced by a 3.7-liter V8 developing 513 horsepower, and the new engine is coupled to an Aisin AW electric motor at the front, a Denso electric motor at the rear and a Nisshinbo super-capacitor that combine to kick out an extra 473 hp, giving the system a combined output of nearly 1,000 horsepower while consuming 25 percent less fuel than last year's car. It also gives the TS040 all-wheel drive to help channel all that power to the road.